Home Buying in 19115>Question Details

Sue, Home Buyer in Philadelphia, PA

HI THIS IS SUE AGAIN. WHAT ABOUT A FORECLOSED CONDO WITH A FHA LOAN?

Asked by Sue, Philadelphia, PA Wed Feb 1, 2012

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I would be interested to hear what is going on with condominiums in Philadelphia. Here in Southerm California, very few condo complexes are FHA approved. The complex either has too many renters on site or the HOA dues are delinqent which are reasons the complex cannot be FHA approved.
0 votes Thank Flag Link Wed Jul 24, 2013
Can be done depending location and condition. Email or call for recommendations.

By the way, one of my specialties is condos.

Eric Axelson, Associate Broker
Licensed in NJ & PA
Kurfiss Sotheby's International Realty
856.617.1212
info@homefinder360.com
Web Reference: http://homefinder360.com
0 votes Thank Flag Link Wed Feb 1, 2012
Sue,

A condo is OK as long as the condo association gets approved.
The lender wants to know the percentage of investors in the development, pending lawsuits, number of delinquecies. Some associations are already approved, but some require a questionaire to be completed.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes Thank Flag Link Wed Feb 1, 2012
Sue,

A condo is OK as long as the condo association gets approved.
The lender wants to know the percentage of investors in the development, pending lawsuits, number of delinquecies. Some associations are already approved, but some require a questionaire to be completed.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes Thank Flag Link Wed Feb 1, 2012
I don't think it makes a diffference that it is a condo, but the lending professionals on here could elaborate further.

I would suggest giving them a call directly, and let them help you to earn your business.

Again, Best of Luck with your home buying!

Don't forget to give me a thumbs up!
0 votes Thank Flag Link Wed Feb 1, 2012
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